ACCOUNTS - Final Accounts

MASTERLOCK LIMITED - Company Information

Registered number: 01662417

MASTERLOCK LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020


MASTERLOCK LIMITED

CONTENTS

	Page
Balance Sheet	1 - 2
Notes to the Financial Statements	3 - 5


MASTERLOCK LIMITED REGISTERED NUMBER:01662417

BALANCE SHEET

AS AT 31 MARCH 2020

		2020		2019
Note		£		£


Fixed assets
Current assets
Debtors: amounts falling due within one year	4	155,099		172,227
		155,099		172,227
Creditors: amounts falling due within one year	5	(260,980)		(260,862)
Net current liabilities			(105,881)		(88,635)



Net liabilities			(105,881)		(88,635)

Capital and reserves
Called up share capital	6	100	100
Profit and loss account		(105,981)	(88,735)
		(105,881)	(88,635)

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MASTERLOCK LIMITED REGISTERED NUMBER:01662417

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2020

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

P R Pybus

Director

Date: 13 October 2020

The notes on pages 3 to 5 form part of these financial statements.

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MASTERLOCK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

1.	General information

The entity is a private limited company incorporated in the UK, limited by shares. The registered office is
18 King William Street, London, EC4N 7BP. The nature of the company's operations was the provision of other business support service activities.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in pounds sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

Going concern

At the balance sheet date, the company had net liabilities of £105,881 (2019 - £88,635). The financial
statements have been prepared on a going concern basis as the directors consider this is
appropriate for the following reason:
The company will continue to receive support from its ultimate parent company in order to fund its
working capital requirements.

2.3

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.4

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.5

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt

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MASTERLOCK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

2.5

Financial instruments (continued)

instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).

Debtors

					2020	2019
					£	£


Trade debtors	-	14,090
Other debtors	155,099	158,137
	155,099	172,227

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MASTERLOCK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

5.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Amounts owed to group undertakings	188,315	188,197
Other creditors	72,665	72,665
	260,980	260,862

6.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

100 (2019 - 100) Ordinary shares of £1.00 each	100	100

7.	Controlling party

The company's immediate holding company is Teleselect Limited.
The ultimate parent company is Ashwell Holdings IC Limited, a company incorporated in Guernsey whose registered office is PO Box 511, Town Mills, Rue Du Pre, St. Peter Port, Guernsey, GY1 6DU.
At the balance sheet date, the ultimate controlling party was Adjure Global Trustees Limited as
Trustees of the Spirito Settlement.

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